Given this trade turbulence, Canadian and American businesses need to act swiftly—assessing supply chain vulnerabilities, revisiting trade strategies, reviewing contracts and otherwise preparing for major friction in cross-border commerce. Beyond the immediate operational concerns, organizations must also look holistically at how an unpredictable economy could impact their long-term growth and investment planning.
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SubscribeAs the details of Trump’s plan come into focus, businesses on both sides of the border must take steps now to identify their exposure to risk and test the endurance of their business continuity strategies.
Not sure where to begin? We recommend focusing on the critical areas below as a matter of priority.
Understand your product’s classification and origin Identify what goods your business trades cross border between the U.S. and Canada. Determine how these goods are classified from a tariff perspective, their value, and their country of origin.
Clarify importer responsibilities and liabilities Determine who the importer is and who is contractually liable to pay the tariffs. Review existing contracts to understand if liability-sharing provisions are in place or if they can be negotiated to mitigate financial risks.
Assess stockpiling and alternative sourcing options Evaluate whether it is feasible to stockpile products before tariffs take effect or explore sourcing goods from other markets or suppliers to avoid or minimize tariff exposure.
Engage in advocacy Coordinate with industry partners to highlight the economic impact of tariffs to Canadian government officials, explaining why certain products should be excluded from retaliation lists or prioritized for later rounds.
Explore tax implications and deductions Tariffs on imported goods may be tax-deductible in some cases, making tax planning essential to your tariff-response strategy. Tariffs may also be included in expenses that qualify for other tax credits, such as scientific research and experimental development credits or manufacturing tax credits.
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